January 25, 2024

BEVM Annual Summary 2023

As we reflect on the year 2023, it’s clear that it was a landmark year for the BEVM team, marked by significant achievements and technological breakthroughs. We have also received a lot of support and encouragement from our community members and developers. The following is a comprehensive overview of our key milestones and accomplishments throughout the year.

January-February 2023

  1. The BEVM team noticed the birth of the Ordinals protocol in December 2022 and began to explore the feasibility of issuing assets based on Bitcoin.
  2. Leveraging the Schnorr signatures and MAST contracts brought by the 2021 Bitcoin Taproot upgrade, the BEVM team built a fully decentralized EVM-compatible BTC Layer 2 (L2) framework.

March-April 2023

Bitcoin inscriptions became very popular, and issuing assets on Bitcoin became a reality. The team started to develop a BTC L2 framework, BEVM, based on Taproot, using BTC as GAS. They also repurposed their 2017-launched BTC L2 network, ChainX, as BEVM Canary Network.

May 2023

A programmer in the BEVM team developed a free-to-use community tool for inscribing Bitcoin inscriptions, named Bitbox, in just two days. From May to September 2023, about 20% of Sats were minted using Bitbox. Given the market value of Sats at 1.6 billion USD, this programmer created a code miracle worth 320 million USD in value in just two days.

June 2023

The BEVM Canary Network went live. BEVM, based on Bitcoin’s Taproot technology, built a Proof of Stake (PoS) network composed of Schnorr signatures, MAST contracts, and 1000 Bitcoin light nodes, achieving fully decentralized cross-chain and management of $BTC and constructing the first truly decentralized BTC L2.

July 2023

ComingChat, the Bitcoin privacy social product with over 10 million downloads, integrated with the BEVM Canary Network. Users could transfer assets between the Bitcoin network and the BEVM network using ComingChat.

August 2023

The omnichain defi platform, OmniBTC, joined the BEVM Canary Network. Users could trade any asset across 16 mainstream public chains, including Bitcoin and the BEVM Canary Network, using OmniBTC.

September 2023

A decentralized inscription DEX, Bswap, was deployed on BEVM. Users could bring any Bitcoin inscription assets like $SATS or $ORDI into BEVM and create LP liquidity on Bswap for fully decentralized inscription trading. The current TVL (Total Value Locked) was close to 1 million USD.

October 2023

The first inscription red packet was deployed on BEVM in the evening, supporting various Bitcoin inscription assets like $SATS and $ORDI for issuing red envelopes. The transfer fee was only 105 Satoshis (about 0.04 USD), which was well-received by the Bitcoin inscription community.

The number of addresses on BEVM Canary Network exceeded 10,000.

November 2023

The cross-chain bridge between Arbitrum and BEVM was deployed. Users could use this bridge for bi-directional cross-chain transactions of any assets from the Arbitru, to BEVM.

December 2023

The BEVM whitepaper was released, and the 10K whitepaper NFTs commemorating the community soared by 85 times in value.

The first BEVM ecosystem application incentive program was launched, attracting over 94,000 participants.

The first 2 million transactions occurred within two hours on BEVM Canary Network.

The number of BEVM chain addresses holding assets exceeded 54,000.

The $BTC on the BEVM chain surpassed 200.

The number of BEVM ecosystem applications reached over 15. BEVM completed its seed round fundraising.

Q1 January-March

The BEVM test network will be launched, recruiting and incentivizing over 10,000 decentralized nodes globally to participate in the testing.

Concluding Remarks

As we close the chapter on 2023, it’s evident that the BEVM team’s dedication and innovation have significantly advanced the field of blockchain technology, particularly in the realm of Bitcoin-based assets. Our progress this year not only marks a series of technological triumphs but also paves the way for future growth and development in 2024 and beyond. We are excited to continue this journey, pushing the boundaries of what is possible in Bitcoin L2.